It said it would not adopt Elevation Capital's proposed business strategy, which it said would maximise shareholder returns.

"Elevation Capital’s proposed strategy largely borrows from NZX’s already-published strategy. NZX does not believe the areas of difference would create additional value for shareholders. NZX also does not believe the individual named would add value."

Elevation also wanted NZX directors to refund the cost of a recent overseas trip, but the board said it was high value for the NZX.

"The board will always engage with shareholders on reasonable concerns, and have sought to do so in this case. However, after carefully considering these demands from a shareholder with approximately 2.3% of company shares, the board deemed them unreasonable.

"If Elevation Capital has support to call a special meeting of shareholders (noting there is a 5% threshold), NZX will use it as an opportunity to further explain the strategy laid out in November 2017 and the good progress made to date. However, NZX would prefer to focus on working for our customers and shareholders to build a stronger capital market for New Zealand."